Do you know what your conversion rate is? Your conversion rate for the website is basically the percentage of visitors that came to your site and accomplished any given goal during a period of time. For example, if you have 100 visitors to your website and 2 of them purchased products, your conversion rate is 2%. By optimizing your site for conversions, you can increase revenue by achieving more sales/goals from the users already visiting your site. This process includes split A/B testing, variable content displayed per user group, strong call to action, etc.
CRO is important because it allows you to lower your customer acquisition costs by getting more value from the visitors and users you already have.
For example, if a landing page has a conversion rate of 10% and receives 2000 visitors a month, then the page will generate 200 conversions per month. If the conversion rate can be improved to 15% by optimizing different elements on the page, the number of conversions generated jumps by 50% to 300 per month.
There is always room for improvement when it comes to increasing conversions, and the best companies are constantly iterating and improving their sites and apps to create a better experience for their users and grow conversions.
How does CRO works?
CRO has a lot of moving parts. Here’s what they all mean:
Call to action (CTA): Tell your visitors exactly what to do next.
Conversion funnel:This is the series of steps that someone has to take in your site in order to complete the primary goal of your site.
A/B testing:A common practice to verify conversion improvements. Two (or more) versions of your site are shown to visitors. Conversion rates are measured on each version to see which one is most effective.
Multivariate testing (MVT):A version of A/B testing that tests multiple variables at a time.
Usability:A set of best practices and processes for making your site more user-friendly. Often, this increases conversions by removing friction in your site.
Customer development:Tools and processes for understanding your customers better. When you deeply understand your customers, it’s a lot easier to design websites that convert a larger percentage of your visitors.
User recordings: A tool that records users as they move through your site. Gives lot of feedback on where people get stuck and where they really want to go. It’s a great source of ideas for increasing conversions.
Analytics:tools for measuring visitors and users. Measurement is a key piece of improving conversion rates.
Heatmaps: A type of report that shows where people click on a page using “hot” and “cold” colors. It’s a great tool for coming up with ideas to improve conversions.